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Reply #6: These are entirely legitimate questions for Scott McLellan and Bush [View All]

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Aries Donating Member (544 posts) Send PM | Profile | Ignore Sun Feb-15-04 05:59 PM
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6. These are entirely legitimate questions for Scott McLellan and Bush
Exactly what was the source of the money that got Arbusto (Spanish for "shrub") into the oil business? (Thank the gods for "Scoop"):

"...Mahfouzs past also includes business dealings with George W. Bush, having invested $50,000 in the younger Bushs first company, Arbusto Energy, through his U.S. representative James R. Bath, an aircraft broker and friend of Mr. Bush from their days together in the Texas Air National Guard. (Wall Street Journal (WSJ), Vetting the Frontrunners: From Oil to Baseball to the Governors Mansion, 9-28-1999)

Legal papers regarding Bath's contested divorce listed one of his assets as a $50,000 investment in Arbusto Oil -- Bush's first company. Moreover, Bath's business partner said he had no substantial money of his own at the time he made the Arbusto investment, implying that Bath received the money from someone else: "Most of Bath's investments....were really fronts for Mahfouz and other Saudis connected with the Bank of Credit and Commerce (BCCI)." (The Outlaw Bank: A Wild Ride Into the Secret Heart of BCCI, Random House, Beaty & Gwynne, 1993, page 229.)

Award-winning author and journalist at the Houston Chronicle and The Economist, Peter Brewton, consulted James R. Baths resume and wrote that in early summer 1976 Bath received a huge business break:

Bath was named a trustee for Sheikh Salem bin Laden of Saudi Arabia , a member of the family that owns the largest construction company in the Middle East. Baths job was to handle all of bin Ladens North American investments and operations. ( The Mafia, CIA, and George Bush, Shapolsky Book Pub., 1992)

Shortly thereafter, Bath also began working for billionaire Sheikh Mahfouz, NCB banker for Saudi billionaire financier Abdullah Bakhsh. Meanwhile, George Juniors failing Arbusto company was renamed Bush Exploration -- hoping to trade on his fathers increasing importance; however, it was soon merged with Spectrum 7 Energy, as oil prices were collapsing.

While hard times continued for Spectrum, in 1988 Harken Energy Corporation absorbed the company, according to WSJ. And in return for adding the famous Bush name as a corporate asset, Texas-based Harken in effect bailed out the future presidents failing fortunes with generous stock options, a salaried seat on Harkens board of directors, low-interest loans, and other helpful perks. < Harken Energy: George W.s Perfect Storm, 7-15-2002 -- >....
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